Robert F. Smith, a billionaire investor and philanthropist, just gave the ultimate graduation gift to the Morehouse College Class of 2019: Smith said he will pay off each graduate's student loan debt - in full. During his speech, he announced that his family would establish a grant to pay off student loan debt for all Morehouse graduates in the Class of 2019, which is approximately 400 students. The gift is estimated at about $40 million, and is in addition to a $1.5 million gift Smith already announced to Morehouse. According to personal finance site Make Lemonade, student loan debt is now the second highest consumer debt category - behind only mortgage debt - and higher than both credit cards and auto loans. Student loan repayment remains as one of the biggest challenges facing graduates.

Source: Forbes May 19, 2019 18:19 UTC